NEWARK, N.J., May 5, 2021 /PRNewswire/ -- Public Service
Enterprise Group (NYSE: PEG) reported Net Income for the first
quarter of 2021 of $648 million, or
$1.28 per share as compared to Net
Income of $448 million, or
$0.88 per share, in the first quarter
of 2020. Non-GAAP Operating Earnings for the first quarter of
2021 were $650 million, or
$1.28 per share, compared to non-GAAP
Operating Earnings for the first quarter of 2020 of $520 million, or $1.03 per share. Non-GAAP results for the first
quarter exclude items shown in Attachments 7 and 8.
Ralph Izzo, chairman, president
and chief executive officer said, "We are off to a solid start in
2021 and well positioned to execute on our financial and strategic
goals during the balance of the year. With the majority of
our nearly $2 billion of Clean Energy
Future programs having moved from approval to execution, PSE&G
is helping to advance the decarbonization of New Jersey in a sizable and equitable way. The
recent Biden Infrastructure proposal focusing on climate action
contains several encouraging signals supporting offshore wind,
existing nuclear generation, and electrification of transportation,
all aligned with PSEG's business plan. PSEG strongly supports
a national approach to accelerate economy-wide, net-zero emissions
even sooner than 2050, in a constructive manner that expands green
jobs by investing in clean energy infrastructure.
The New Jersey Board of Public
Utilities' (BPU) April 27 decision to
award our three New Jersey nuclear
units a continuation of the full $10
per MWh Zero Emission Certificate through May 2025 will similarly advance climate action in
New Jersey by recognizing
nuclear's reliability, resiliency and environmental benefits and
help to preserve the state's largest carbon-free generating
resource. We applaud the BPU for its decision – which we believe is
in the best interests of the state of New
Jersey and its ability to achieve its long-term clean energy
goals. PSEG Power has also made progress on the exploration of
strategic alternatives for its fossil and solar generating
fleet. PSEG has entered into an agreement to sell its 467
MWDC Solar Source portfolio to an affiliate of LS
Power. The solar sale is expected to close in the second or
third quarter of 2021, subject to customary regulatory and other
closing conditions. PSEG Power is continuing the exploration
of strategic alternatives for its fossil generating fleet, and
currently anticipates reaching the contract stage around
mid-year. With over a decade of capital allocation directed
mainly toward PSE&G, PSEG today is primarily a regulated
electric and gas utility, and these transactions will move us even
further in that direction. PSEG's remaining generating business
will consist of a carbon-free nuclear fleet, and regional offshore
wind investments that will be highly contracted.
The COVID-19 pandemic and its economic dislocations continue to
impact the New Jersey
economy. The large contribution of the Transmission and
Residential electric and gas segments to our overall sales mix, as
well as a supportive regulatory order that authorizes deferral of
certain COVID-19 related costs for future recovery, have had a
stabilizing effect on the margins of our utility business.
New Jersey has been successful in
vaccinating nearly half its population with at least one dose of
the available vaccines, and we are hopeful that the remaining
restrictions on economic activity will continue to ease in the near
term."
The following table provides a reconciliation of PSEG's Net
Income to non-GAAP Operating Earnings for the first quarter. See
Attachments 7 and 8 for a complete list of items excluded from Net
Income in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED
RESULTS (unaudited)
|
First Quarter
Comparative Results
|
2021 and
2020
|
|
|
Income
|
|
Diluted
Earnings
|
|
($
millions)
|
|
Per Share
|
|
2021
|
2020
|
|
2021
|
2020
|
Net
Income
|
$648
|
$448
|
|
$1.28
|
$0.88
|
Reconciling
Items
|
2
|
72
|
|
-
|
0.15
|
Non-GAAP Operating
Earnings
|
$650
|
$520
|
|
$1.28
|
$1.03
|
|
|
Avg.
Shares
|
507M
|
507M
|
Ralph Izzo added, "We are
re-affirming non-GAAP Operating Earnings guidance for full-year
2021 of $3.35 - $3.55 per share. This affirmation assumes normal
weather and plant operations for the remainder of the year and
incorporates the Conservation Incentive Programs that begin in June
for electric and in October for gas to cover variations in revenue
due to energy efficiency and other impacts. We are on track to
execute PSEG's five-year, $14 billion
to $16 billion capital plan through
2025 and have the financial strength to fund it without the need to
issue new equity. Over 90% of this capital program is directed to
PSE&G, which is expected to produce 6.5% to 8% compound annual
growth in rate base over the 2021 – 2025 period."
The following table outlines PSEG's expectations for non-GAAP
Operating Earnings in 2021 by subsidiary:
|
2021 Non-GAAP
Operating Earnings Guidance
|
|
($ millions,
except EPS)
|
|
|
2021E
|
PSE&G
|
$1,410 -
$1,470
|
PSEG
Power
|
$280 -
$370
|
PSEG
Enterprise/Other
|
($15)
|
Non-GAAP Operating
Earnings
|
$1,700 -
$1,800
|
Non-GAAP
Operating EPS
|
$3.35 -
$3.55
|
|
E
= Estimate
|
|
Results and Outlook by Operating Subsidiary
PSE&G
|
Public Service
Electric & Gas
|
|
First Quarter 2021
and 2020 Comparative Results
|
|
($ millions,
except EPS)
|
|
|
PSE&G
|
1Q
2021
|
1Q
2020
|
Q/Q
Change
|
Net Income
|
$477
|
$440
|
$37
|
Earnings Per
Share
|
$0.94
|
$0.87
|
$0.07
|
PSE&G reported Net Income of $477
million ($0.94 per share) for
the first quarter of 2021 compared with Net Income of $440 million ($0.87
per share) for the first quarter of 2020.
PSE&G's first quarter 2021 results improved by $0.07 per share driven by revenue growth from
ongoing capital investment programs, favorable pension/OPEB results
and higher electric weather normalized Residential volume.
Transmission rate base added $0.02
per share to first quarter Net Income compared to the first quarter
of 2020. Gas margin improved by $0.03
per share over last year's first quarter, driven by the scheduled
recovery of investments made under the second phase of the Gas
System Modernization Program. Electric margin was $0.01 per share favorable compared to the first
quarter of 2020 on higher weather normalized Residential
volume. O&M expense was $0.02 per share unfavorable compared with first
quarter 2020, reflecting higher costs from several February
snowstorms. Depreciation increased by $0.01 per share reflecting higher plant in
service. Distribution-related pension expense was
$0.02 per share favorable compared to
first quarter 2020. Flow through taxes and other were
$0.02 per share favorable compared to
first quarter 2020. This benefit is due to the use of an annual
effective tax rate that will reverse over the remainder of the
year, and was partly offset by the timing of taxes related to bad
debt expense.
Winter weather, as measured by heating degree-days, was 4%
milder than normal but was 18% colder than the mild winter
experienced in first quarter 2020. For the trailing 12-months ended
March 31, total weather-normalized
sales reflect the expected higher Residential and lower Commercial
and Industrial sales observed in 2020 due to the economic impacts
of COVID-19. Total Electric sales declined by 2% while Gas sales
increased by approximately 1%. Residential customer growth for
Electric and Gas remained positive during the period.
PSE&G invested approximately $0.6
billion in the first quarter and is on track to fully
execute on its planned 2021 capital investment program of
$2.7 billion. The 2021 capital
spending program will include infrastructure upgrades to its
transmission and distribution facilities, as well as the rollout of
the Clean Energy Future investments in energy efficiency, energy
cloud (smart meters) and electric vehicle charging
infrastructure.
PSE&G's forecast of Net Income for 2021 is unchanged at
$1,410 million - $1,470 million.
PSEG Power
|
First Quarter 2021
and 2020 Comparative Results
|
|
($ millions, except
EPS)
|
|
|
PSEG
Power
|
1Q
2021
|
1Q
2020
|
Q/Q
Change
|
Net
Income
|
$161
|
$13
|
$148
|
Earnings Per Share
(EPS)
|
$0.32
|
$0.02
|
$0.30
|
Non-GAAP Operating
Earnings
|
$163
|
$85
|
$78
|
Non-GAAP
EPS
|
$0.32
|
$0.17
|
$0.15
|
Non-GAAP Adjusted
EBITDA
|
$321
|
$201
|
$120
|
PSEG Power reported Net Income of $161
million ($0.32 per share) for
the first quarter of 2021, non-GAAP Operating Earnings of
$163 million ($0.32 per share), and non-GAAP Adjusted EBITDA of
$321 million. This compares to first
quarter 2020 Net Income of $13
million, non-GAAP Operating Earnings of $85 million and non-GAAP Adjusted EBITDA of
$201 million.
PSEG Power's first quarter results benefited from expected
margin improvement in capacity and other items associated with a
favorable weather comparison to the first quarter of 2020, as well
as certain other items expected to reverse in subsequent
quarters. A scheduled improvement in PJM capacity revenue
improved non-GAAP Operating Earnings comparisons by $0.03 per share compared with Q1 2020. Higher
generation output for the quarter added $0.01 per share from the absence of the unplanned
Salem 1 outage in first quarter of
2020. Favorable market conditions, influenced by February's cold
weather, increased results by $0.03
per share, as the expected $2/MWh
average decline in recontracting will become more pronounced in
future quarters. The weather-related improvement in total gas
send-out to Commercial and Industrial customers increased results
by $0.04 per share. This
increase in gas operations is expected to reverse later in the year
due to the absence in 2021 of a one-time benefit recognized in the
third quarter of 2020. Lower O&M expense was $0.03 per share favorable in the quarter,
reflecting the absence of first quarter outages at Bergen 2 and
Salem Unit 1 in 2020. Lower depreciation and lower interest
expense combined to improve comparisons by $0.01 per share versus the year-ago quarter.
Generation output increased by just under 1% to total 13.3 TWh,
reflecting the absence of a month-long unplanned outage experienced
at Salem Unit 1 during the first quarter 2020. PSEG Power's CCGT
fleet produced 4.7 TWh, down 8%, reflecting lower market demand.
The nuclear fleet produced 8.2 TWh, up 3%, and operated at a
capacity factor of 98.8% for the first quarter, representing 62% of
total generation. PSEG Power is forecasting generation output of 36
to 38 TWh for the three remaining quarters of 2021, and has hedged
approximately 95% - 100% of production at an average price of
$30 per MWh.
The forecast of PSEG Power's non-GAAP Operating Earnings and
non-GAAP Adjusted EBITDA for 2021 remain unchanged at $280 million - $370
million, and $850 million -
$950 million, respectively.
PSEG Enterprise/Other
PSEG Enterprise/Other reported Net Income of $10 million, $0.02
per share, for the first quarter of 2021 compared to a Net Loss of
$5 million, $(0.01) per share, for the first quarter of 2020.
The increase was driven by higher tax benefits recorded in the
first quarter of 2021 due to the use of an annual effective tax
rate that will reverse over the remainder of the year, as well as
interest income associated with a prior IRS audit
settlement.
For 2021, the forecast for PSEG Enterprise/Other remains
unchanged at a Net Loss of $15
million.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a
publicly traded diversified energy company with approximately
13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating
subsidiaries are: Public Service Electric and Gas Co.
(PSE&G), PSEG Power and PSEG Long Island. PSEG is a
Fortune 500 company included in the S&P 500 Index and has been
named to the Dow Jones Sustainability Index for North America for 13 consecutive years
(https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal
analysis, and in communications with investors and analysts, as a
consistent measure for comparing PSEG's financial performance to
previous financial results. Non-GAAP Operating Earnings exclude the
impact of returns (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and
material one-time items.
Management believes the presentation of non-GAAP Adjusted EBITDA
for PSEG Power is useful to investors and other users of our
financial statements in evaluating operating performance because it
provides them with an additional tool to compare business
performance across companies and across periods. Management also
believes that non-GAAP Adjusted EBITDA is widely used by investors
to measure operating performance without regard to items such as
income tax expense, interest expense and depreciation and
amortization, which can vary substantially from company to company
depending upon, among other things, the book value of assets,
capital structure and whether assets were constructed or acquired.
Non-GAAP Adjusted EBITDA also allows investors and other users to
assess the underlying financial performance of our fleet before
management's decision to deploy capital. Non-GAAP Adjusted EBITDA
excludes the same items as our non-GAAP Operating Earnings measure
as well as income tax expense, interest expense and depreciation
and amortization.
See Attachments 7 and 8 for a complete list of items excluded
from Net Income in the determination of non-GAAP Operating Earnings
and non-GAAP Adjusted EBITDA. The presentation of non-GAAP
Operating Earnings and non-GAAP Adjusted EBITDA is intended to
complement, and should not be considered an alternative to the
presentation of Net Income, which is an indicator of financial
performance determined in accordance with GAAP. In addition,
non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as
presented in this release may not be comparable to similarly titled
measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings
and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile
these non-GAAP financial measures to the most directly comparable
GAAP financial measure. Management is unable to project certain
reconciling items, in particular MTM and NDT gains (losses), for
future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this report about our and
our subsidiaries' future performance, including, without
limitation, future revenues, earnings, strategies, prospects,
consequences and all other statements that are not purely
historical constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward- looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. When used herein, the words
"anticipate," "intend," "estimate," "believe," "expect," "plan,"
"should," "hypothetical," "potential," "forecast," "project,"
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. Other factors that could cause actual
results to differ materially from those contemplated in any
forward- looking statements made by us herein are discussed in
filings we make with the United States Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K and
subsequent reports on Form 10-Q and Form 8-K. These factors
include, but are not limited to:
- any inability to successfully develop, obtain regulatory
approval for, or construct generation, transmission and
distribution projects;
- lack of growth or slower growth in the number of customers or
the failure of our Conservation Incentive Program to fully address
a decline in customer demand;
- any equipment failures, accidents, severe weather events, acts
of war or terrorism or other incidents, including pandemics such as
the ongoing coronavirus pandemic, that may impact our ability to
provide safe and reliable service to our customers;
- any inability to recover the carrying amount of our long-lived
assets;
- any inability to maintain sufficient liquidity;
- the impact of cybersecurity attacks or intrusions;
- the impact of the ongoing coronavirus pandemic;
- the impact of our covenants in our debt instruments on our
operations;
- adverse performance of our nuclear decommissioning and defined
benefit plan trust fund investments and changes in funding
requirements;
- risks associated with the timeline and ultimate outcome of our
exploration of strategic alternatives relating to PSEG Power's
non-nuclear generating fleet;
- the failure to complete, or delays in completing, our proposed
investment in the Ocean Wind offshore wind project, or following
the completion of our initial investment in the project, the
failure to realize the anticipated strategic and financial benefits
of the project;
- fluctuations in wholesale power and natural gas markets,
including the potential impacts on the economic viability of our
generation units;
- our ability to obtain adequate fuel supply;
- market risks impacting the operation of our generating
stations;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to our sale of generation
output and purchase of fuel;
- any inability of PSEG Power to meet its commitments under
forward sale obligations;
- reliance on transmission facilities to maintain adequate
transmission capacity for our power generation fleet;
- the impact of changes in state and federal legislation and
regulations on our business, including PSE&G's ability to
recover costs and earn returns on authorized investments;
- PSE&G's proposed investment programs may not be fully
approved by regulators and its capital investment may be lower than
planned;
- the absence of a long-term legislative or other solution for
our New Jersey nuclear plants that
sufficiently values them for their carbon-free, fuel diversity and
resilience attributes, or the impact of the current or subsequent
payments for such attributes being materially adversely modified
through legal proceedings;
- adverse changes in energy industry laws, policies and
regulations, including market structures and transmission planning
and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including regulatory risks, such as compliance with the
Atomic Energy Act and trade control, environmental and other
regulations, as well as financial, environmental and health and
safety risks;
- changes in federal and state environmental regulations and
enforcement; and
- delays in receipt of, or an inability to receive, necessary
licenses and permits.
All of the forward-looking statements made in this report are
qualified by these cautionary statements and we cannot assure you
that the results or developments anticipated by management will be
realized or even if realized, will have the expected consequences
to, or effects on, us or our business, prospects, financial
condition, results of operations or cash flows. Readers are
cautioned not to place undue reliance on these forward-looking
statements in making any investment decision. Forward- looking
statements made in this report apply only as of the date of this
report. While we may elect to update forward-looking statements
from time to time, we specifically disclaim any obligation to do
so, even in light of new information or future events, unless
otherwise required by applicable securities laws.
The forward-looking statements contained in this report are
intended to qualify for the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
From time to time,
PSEG, PSE&G and PSEG Power release important information via
postings on their corporate Investor Relations website
at https://investor.pseg.com. Investors and other interested
parties are encouraged to visit the Investor Relations website to
review new postings. You can sign up for automatic email alerts
regarding new postings at the bottom of the webpage
at https://investor.pseg.com.
|
CONTACTS
|
|
Investor
Relations:
|
Media
Relations:
|
973-430-6565
|
908-531-4253
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
Attachment
1
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,889
|
|
$
(351)
|
|
$
2,073
|
|
$
1,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
1,029
|
|
(502)
|
|
849
|
|
682
|
|
|
Operation and
Maintenance
|
|
778
|
|
132
|
|
424
|
|
222
|
|
|
Depreciation and
Amortization
|
|
341
|
|
8
|
|
241
|
|
92
|
|
|
|
Total
Operating Expenses
|
|
2,148
|
|
(362)
|
|
1,514
|
|
996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
741
|
|
11
|
|
559
|
|
171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
3
|
|
-
|
|
-
|
|
3
|
|
Net Gains (Losses) on
Trust Investments
|
|
60
|
|
1
|
|
1
|
|
58
|
|
Other Income
(Deductions)
|
|
25
|
|
1
|
|
28
|
|
(4)
|
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
82
|
|
4
|
|
66
|
|
12
|
|
Interest
Expense
|
|
(146)
|
|
(21)
|
|
(98)
|
|
(27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
765
|
|
(4)
|
|
556
|
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(117)
|
|
14
|
|
(79)
|
|
(52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
648
|
|
$
10
|
|
$
477
|
|
$
161
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
2
|
|
-
|
|
-
|
|
2
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
650
|
|
$
10
|
|
$
477
|
|
$
163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1.28
|
|
$
0.02
|
|
$
0.94
|
|
$
0.32
|
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.28
|
|
$
0.02
|
|
$
0.94
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
PSEG
Enterprise/
Other(a)
|
|
PSE&G
|
|
PSEG
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,781
|
|
$
(322)
|
|
$
1,883
|
|
$
1,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Energy
Costs
|
|
906
|
|
(478)
|
|
708
|
|
676
|
|
|
Operation and
Maintenance
|
|
754
|
|
127
|
|
386
|
|
241
|
|
|
Depreciation and
Amortization
|
|
324
|
|
8
|
|
222
|
|
94
|
|
|
|
Total
Operating Expenses
|
|
1,984
|
|
(343)
|
|
1,316
|
|
1,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
797
|
|
21
|
|
567
|
|
209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
3
|
|
-
|
|
-
|
|
3
|
|
Net Gains (Losses) on
Trust Investments
|
|
(221)
|
|
(1)
|
|
-
|
|
(220)
|
|
Other
Income (Deductions)
|
|
4
|
|
-
|
|
27
|
|
(23)
|
|
Non-Operating Pension
and OPEB Credits (Costs)
|
|
62
|
|
3
|
|
51
|
|
8
|
|
Interest
Expense
|
|
(153)
|
|
(23)
|
|
(96)
|
|
(34)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
492
|
|
-
|
|
549
|
|
(57)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit
(Expense)
|
|
(44)
|
|
(5)
|
|
(109)
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
448
|
|
$
(5)
|
|
$
440
|
|
$
13
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
72
|
|
-
|
|
-
|
|
72
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
520
|
|
$
(5)
|
|
$
440
|
|
$
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
0.88
|
|
$
(0.01)
|
|
$
0.87
|
|
$
0.02
|
|
|
Reconciling Items
Excluded from Net Income (Loss)(b)
|
|
0.15
|
|
-
|
|
-
|
|
0.15
|
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.03
|
|
$
(0.01)
|
|
$
0.87
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes
activities at Energy Holdings, PSEG Long Island and the Parent as
well as intercompany eliminations.
|
(b) See Attachments 7
and 8 for details of items excluded from Net Income to compute
Operating Earnings (non-GAAP).
|
Attachment
2
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Capitalization
Schedule
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2021
|
|
2020
|
DEBT
|
|
|
|
|
Commercial Paper and
Loans
|
$
665
|
|
$
1,063
|
|
Long-Term
Debt*
|
16,775
|
|
16,180
|
|
|
Total Debt
|
17,440
|
|
17,243
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Common
Stock
|
5,013
|
|
5,031
|
|
Treasury
Stock
|
(902)
|
|
(861)
|
|
Retained
Earnings
|
12,708
|
|
12,318
|
|
Accumulated Other
Comprehensive Loss
|
(542)
|
|
(504)
|
|
|
Total Stockholders'
Equity
|
16,277
|
|
15,984
|
|
|
Total
Capitalization
|
$
33,717
|
|
$
33,227
|
|
*Includes current
portion of Long-Term Debt.
|
Attachment
3
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net
Income
|
$
648
|
|
$
448
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
379
|
|
705
|
NET CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES
|
1,027
|
|
1,153
|
|
|
|
|
NET CASH PROVIDED
BY (USED IN) INVESTING ACTIVITIES
|
(624)
|
|
(724)
|
|
|
|
|
NET CASH PROVIDED
BY (USED IN) FINANCING ACTIVITIES
|
(134)
|
|
237
|
|
|
|
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
269
|
|
666
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
572
|
|
176
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
841
|
|
$
842
|
|
Attachment
4
|
|
PUBLIC SERVICE
ELECTRIC & GAS COMPANY
|
|
Retail
Sales
|
|
(Unaudited)
|
|
March 31,
2021
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change vs.
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2020
|
|
|
Residential
|
3,266
|
|
14 %
|
|
|
Commercial &
Industrial
|
6,268
|
|
(3%)
|
|
|
Other
|
99
|
|
0 %
|
|
|
Total
|
9,633
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
Sales (millions
therms)
|
Ended
|
|
2020
|
|
|
Firm
Sales
|
|
|
|
|
|
Residential
Sales
|
741
|
|
18 %
|
|
|
Commercial &
Industrial
|
470
|
|
14 %
|
|
|
Total Firm
Sales
|
1,211
|
|
17
%
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
Commercial &
Industrial
|
280
|
|
45 %
|
|
|
Total Non-Firm
Sales
|
280
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
1,491
|
|
21
%
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
|
Ended
|
|
2020
|
|
|
Degree Days -
Actual
|
2,445
|
|
18 %
|
|
|
Degree Days -
Normal
|
2,536
|
|
|
|
|
|
|
|
|
|
|
*Winter weather as
defined by heating degree days (HDD) to serve as a measure for the
need for heating. For each day, HDD is calculated as HDD = 65°F –
the average hourly daily temperature. The measures use data
provided by the National Oceanic and Atmospheric Administration
based on readings from Newark Airport. Comparisons to normal are
based on twenty-years of historic data.
|
|
Attachment
5
|
|
PSEG POWER
LLC
|
|
Generation
Measures(1)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
GWhr
Breakdown
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
2021
|
|
2020
|
Nuclear -
NJ
|
5,351
|
|
5,102
|
Nuclear -
PA
|
2,894
|
|
2,933
|
|
Total
Nuclear
|
8,245
|
|
8,035
|
|
|
|
|
|
Fossil - Natural Gas
- NJ
|
1,783
|
|
1,981
|
Fossil - Natural Gas
- NY
|
981
|
|
1,023
|
Fossil - Natural Gas
- MD
|
1,009
|
|
1,194
|
Fossil - Natural Gas
- CT
|
991
|
|
952
|
|
Total Natural
Gas(2)
|
4,764
|
|
5,150
|
|
|
|
|
|
Fossil -
Coal
|
248
|
|
(7)
|
|
|
|
|
|
|
|
13,257
|
|
13,178
|
|
|
|
|
|
|
|
|
|
|
|
|
% Generation by
Fuel Type
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2021
|
|
2020
|
Nuclear -
NJ
|
40%
|
|
39%
|
Nuclear -
PA
|
22%
|
|
22%
|
|
Total
Nuclear
|
62%
|
|
61%
|
|
|
|
|
|
Fossil - Natural Gas
- NJ
|
13%
|
|
15%
|
Fossil - Natural Gas
- NY
|
7%
|
|
8%
|
Fossil - Natural Gas
- MD
|
8%
|
|
9%
|
Fossil - Natural Gas
- CT
|
8%
|
|
7%
|
|
Total Natural
Gas(2)
|
36%
|
|
39%
|
|
|
|
|
|
Fossil -
Coal
|
2%
|
|
0%
|
|
|
|
|
|
|
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
(1)Indicates Period Net Generation;
negative value reflects more GWh required to operate plants than
were generated. Excludes Solar and Kalaeloa.
|
(2)Includes several units that are dual
fuel for oil.
|
Attachment
6
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
Statistical
Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Weighted Average
Common Shares Outstanding (millions)
|
|
|
|
Basic
|
504
|
|
504
|
Diluted
|
507
|
|
507
|
|
|
|
|
Stock Price at End of
Period
|
$60.21
|
|
$44.91
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
$
0.51
|
|
$
0.49
|
|
|
|
|
Dividend
Yield
|
3.4%
|
|
4.4%
|
|
|
|
|
Book Value per Common
Share
|
$32.33
|
|
$30.28
|
|
|
|
|
Market Price as a
Percent of Book Value
|
186 %
|
|
148 %
|
|
Attachment
7
|
|
|
PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED
|
|
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Reconciling
Items
|
March
31,
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
648
|
|
$
448
|
|
|
|
|
(Gain) Loss on
Nuclear Decommissioning Trust (NDT)
|
|
|
|
|
|
|
|
Fund Related
Activity, pre-tax (PSEG Power)
|
(55)
|
|
219
|
|
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax (a)(PSEG Power)
|
47
|
|
(107)
|
|
|
|
|
Oil Lower of Cost or
Market (LOCOM) adjustment, pre-tax (PSEG Power)
|
-
|
|
20
|
|
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
10
|
|
(60)
|
|
|
|
Operating Earnings
(non-GAAP)
|
$
650
|
|
$
520
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
507
|
|
507
|
|
|
|
|
|
($ Per Share
Impact -
Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
1.28
|
|
$
0.88
|
|
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax (PSEG Power)
|
(0.11)
|
|
0.44
|
|
|
|
|
(Gain) Loss on MTM,
pre-tax (a)(PSEG Power)
|
0.09
|
|
(0.21)
|
|
|
|
|
Oil LOCOM adjustment,
pre-tax (PSEG Power)
|
-
|
|
0.04
|
|
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
0.02
|
|
(0.12)
|
|
|
|
Operating Earnings
(non-GAAP)
|
$
1.28
|
|
$
1.03
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
(b) Income tax effect
calculated at the statutory rate except for NDT related activity
which is calculated at the statutory rate plus a 20% tax on income
(loss) from qualified NDT funds.
|
|
Attachment
8
|
|
|
|
|
|
|
|
|
|
|
PSEG Power
Operating Earnings (non-GAAP) and Adjusted EBITDA (non-GAAP)
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Reconciling
Items
|
March
31,
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
161
|
|
$
13
|
|
|
|
|
(Gain) Loss on NDT
Fund Related Activity, pre-tax
|
(55)
|
|
219
|
|
|
|
|
(Gain) Loss on MTM,
pre-tax (a)
|
47
|
|
(107)
|
|
|
|
|
Oil LOCOM adjustment,
pre-tax
|
-
|
|
20
|
|
|
|
|
Income Taxes related
to Operating Earnings (non-GAAP) reconciling
items(b)
|
10
|
|
(60)
|
|
|
|
Operating Earnings
(non-GAAP)
|
$
163
|
|
$
85
|
|
|
|
|
Depreciation and
Amortization, pre-tax (c)
|
90
|
|
93
|
|
|
|
|
Interest Expense,
pre-tax (c) (d)
|
26
|
|
33
|
|
|
|
|
Income Taxes
(c)
|
42
|
|
(10)
|
|
|
|
Adjusted EBITDA
(non-GAAP)
|
$
321
|
|
$
201
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
507
|
|
507
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
(b) Income tax effect
calculated at the statutory rate except for NDT related activity
which is calculated at the statutory rate plus a 20% tax on income
(loss) from qualified NDT funds.
|
(c) Excludes amounts
related to Operating Earnings (non-GAAP) reconciling
items.
|
(d) Net of
capitalized interest.
|
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SOURCE PSEG